There are 12 main operating expenses accounts. The naming convention of the accounts are as follows:
- The first two characters represent the car model (12 or 14)
- The third character is a letter representing each specific sub team (M is for mechanical, E is for electrical, B is for business, T is for general team expenses, and C is for competition expenses)
- The final digit is for differentiating between each expense for each specific sub-team.
The sub-team expenses are as follows:
Competition:
- 12-C0: Competition fees
Electrical:
- 12-E0: PCB & Components
- 12-E1: Array
- 12-E2: Elec Miscellaneous
Mechanical:
- 12-M0: Chassis
- 12-M1: Aero body
- 12-M2: Battery Box
- 12-M4: Mech - Off the Shelf
- 12-M5: Machining
- 12-M6: Mech Miscellaneous
Team:
- 12-T0: Team expenses
Chart of Accounts:
Midnight Sun has two main accounts where sponsorships and donations are received. The older account is the SYDE Trust Account - Debt Account, this account has been used to build the previous models. For the more recent models the new SSDC Operating Account of UW Midnight Sun is being used. This account is managed by SSDC operators. If the team was to receive money from sponsors or donations, the money needs to be ordered from our SSDC operator, until the money is put into the account; we add the expected amount to our pending statement on wave.
Documenting expenses on wave:
To document expenses; log into wave, go to accounting, select transactions, and add a new expense. To add an expense, write a brief description about that expense, select one of the two accounts (SSDC or SYDE), choose the type of action (deposit or withdraw), finally, enter the amount required to deposit or withdraw. In the notes section specify what the expenses will be used for.